Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
QUESTION 3: Total of 13 marks This question consists of 5 parts (Parts A, B, C,...
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B)....
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B). All parts must be attempted. Alice Ltd acquired all the assets, except cash, and assumed all the liabilities of Medicure Ltd on 1 July 2020. Alice Ltd agreed to provide the following consideration on 1 July 2020: (1) Cash payment of $100,000, half of which is paid on the acquisition date, the remaining half of which is to be paid one year after the...
Question 6 (10 marks) Kangaroo Ltd owns all of the share capital of Wallaby Ltd. In...
Question 6 (10 marks) Kangaroo Ltd owns all of the share capital of Wallaby Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2020. Assume an income tax rate of 30%. (a) During the year ending 30 June 2020, Wallaby Ltd sold $120 000 worth of inventory to Kangaroo Ltd. Wallaby Ltd recorded an $18 000...
Paused : Question 5 Week 9 (11 marks) (a) Jessica Ltd sold inventory during the current...
Paused : Question 5 Week 9 (11 marks) (a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd, for $15 000. These items previously cost Jessica Ltd $12 000. Amelie Ltd subsequently sold half the items to Ningbo Ltd for $8000. The tax rate is 30%. The group accountant for Jessica Ltd, Li Chen, maintains that the appropriate consolidation adjustment entries are as follows: Sales Cost of Sales Inventory Dr15 000 Cr 13 000...
Question 3 (12 marks) This question consists of two separate parts. Part A (7 marks) Caron...
Question 3 (12 marks) This question consists of two separate parts. Part A (7 marks) Caron Butler Ltd uses perpetual inventory system. The following transactions were undertaken during the month of April 2019. 5 April Purchased $70,000 inventory on account from ABC Ltd, terms 2/10, n/30. 7 April Returned $5,500 of the inventory purchased on 5 April to the supplier (ABC Ltd). 12 April Paid the amount due to ABC Ltd. 20 April Sold inventory $120,000 to XYZ Ltd on...
Part A The Wholesale Ltd acquired 80 per cent of the shares of House Construction Ltd...
Part A The Wholesale Ltd acquired 80 per cent of the shares of House Construction Ltd on 30 June 2020 for a consideration of $800,000. The share capital and reserves of House Construction Ltd at the date of acquisition were: Share capital Retained earnings Revaluation surplus $550,000 $100,000 $150,000 All assets of House Construction Ltd were fairly valued at the date of acquisition, except for a major plant that had a fair value $26,000 greater than its carrying amount. The...
QUESTION 3 30 marks Sky Ltd acquired all the issued shares (Ex div.) of Nu Ltd...
QUESTION 3 30 marks Sky Ltd acquired all the issued shares (Ex div.) of Nu Ltd on 1 July 2018 for $100 000. At this date Nu Ltd recorded a dividend payable of $10 000 and equity of: Share capital Retained earnings Asset revaluation surplus $54 000 36 000 18 000 All the identifiable assets and liabilities of Nu Ltd were recorded at amounts equal to their fair values at acquisition date except for: Inventories Machinery (cost $100 000) Carrying...
what numbers we calculated to get these numbers under lined? ( please explain what numbers exactly...
what numbers we calculated to get these numbers under lined? (
please explain what numbers exactly we calculated to get these
numbers ?
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
Adjustments where investor prepares and does not prepare consolidated financial statements Brown Ltd acquired a 30% interest in Bandicoot Ltd for $50 000 cash on 1 July 2018. The directors of Brown Ltd believe this investment represents significant influence over the investee. The equity of Bandicoot Ltd at...
Question 2 On 1 July 2018, Poon Ltd acquired 100% of the equity in Soon Ltd....
Question 2 On 1 July 2018, Poon Ltd acquired 100% of the equity in Soon Ltd. On 1 July 2019, Poon Ltd sold an item of plant to Soon Ltd for $32,000. This plant had a carrying amount in the records of Poon Ltd of $28,000 at time of sale. This type of plant is depreciated at 20% per year on cost. Required: Prepare the consolidation journal entries in relation to the sales of plant necessary to prepare the consolidated...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration of $500,000 cash and a brand that was held in their accounts at a book value of $10,000 but at 1 July 2013 had a fair value of $24,000. At that date all the identifiable assets and liabilities were recorded at fair value with the exception of: The inventory was all sold by 30/6/14. The remaining useful life of the plant is...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration of $500,000 cash and a brand that was held in their accounts at a book value of $10,000 but at 1 July 2013 had a fair value of $24,000 At that date all the identifiable assets and liabilities were recorded at fair value with the exception of ASSET Inventory Land Plant (less depn) Book Value Market Value 12,000 28,000 10,000 25,000 20,000...
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B). All parts must be attempted. Alice Ltd acquired all the assets, except cash, and assumed all the liabilities of Medicure Ltd on 1 July 2020. Alice Ltd agreed to provide the following consideration on 1 July 2020: (1) Cash payment of $100,000, half of which is paid on the acquisition date, the remaining half of which is to be paid one year after the...
Question 6 (10 marks) Kangaroo Ltd owns all of the share capital of Wallaby Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2020. Assume an income tax rate of 30%. (a) During the year ending 30 June 2020, Wallaby Ltd sold $120 000 worth of inventory to Kangaroo Ltd. Wallaby Ltd recorded an $18 000...
Paused : Question 5 Week 9 (11 marks) (a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd, for $15 000. These items previously cost Jessica Ltd $12 000. Amelie Ltd subsequently sold half the items to Ningbo Ltd for $8000. The tax rate is 30%. The group accountant for Jessica Ltd, Li Chen, maintains that the appropriate consolidation adjustment entries are as follows: Sales Cost of Sales Inventory Dr15 000 Cr 13 000...
Question 3 (12 marks) This question consists of two separate parts. Part A (7 marks) Caron Butler Ltd uses perpetual inventory system. The following transactions were undertaken during the month of April 2019. 5 April Purchased $70,000 inventory on account from ABC Ltd, terms 2/10, n/30. 7 April Returned $5,500 of the inventory purchased on 5 April to the supplier (ABC Ltd). 12 April Paid the amount due to ABC Ltd. 20 April Sold inventory $120,000 to XYZ Ltd on...
QUESTION 3 30 marks Sky Ltd acquired all the issued shares (Ex div.) of Nu Ltd on 1 July 2018 for $100 000. At this date Nu Ltd recorded a dividend payable of $10 000 and equity of: Share capital Retained earnings Asset revaluation surplus $54 000 36 000 18 000 All the identifiable assets and liabilities of Nu Ltd were recorded at amounts equal to their fair values at acquisition date except for: Inventories Machinery (cost $100 000) Carrying...
what numbers we calculated to get these numbers under lined? (
please explain what numbers exactly we calculated to get these
numbers ?
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
Adjustments where investor prepares and does not prepare consolidated financial statements Brown Ltd acquired a 30% interest in Bandicoot Ltd for $50 000 cash on 1 July 2018. The directors of Brown Ltd believe this investment represents significant influence over the investee. The equity of Bandicoot Ltd at...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration of $500,000 cash and a brand that was held in their accounts at a book value of $10,000 but at 1 July 2013 had a fair value of $24,000 At that date all the identifiable assets and liabilities were recorded at fair value with the exception of ASSET Inventory Land Plant (less depn) Book Value Market Value 12,000 28,000 10,000 25,000 20,000...
Most questions answered within 3 hours.
-
An software company has three different promotion plans for
its software purchase:
plan A: each software...
asked 4 minutes ago -
If
P(A)=.62, P(B)=.47, & P(A or B)=.88. What is the likeliness of
selecting only A?
A)...
asked 4 minutes ago -
What is the FUTURE VALUE of $500 invested for 3 years at 7% with
ANNUAL Compounding...
asked 13 minutes ago -
Modify the method so that instead of manually making teams, it
reads it from a text...
asked 12 minutes ago -
1. Which of the following is not a principle to apply to
construction:
Select one:
a....
asked 13 minutes ago -
In what way is a Christian’s position made more challenging by
revealing faith in the workplace?...
asked 21 minutes ago -
1) There are four categories of customer benefits in B2B
(business-to-business) markets. Which of the following...
asked 18 minutes ago -
What is the pH of a 150.0 mL solution of 0.0273 M NaOH (strong
base)?
asked 27 minutes ago -
A thin ball shell is shaped like a hollow ball with a radius of
26.6 cm....
asked 33 minutes ago -
What mass of KX (Mm= 180 g/mol) is required to prepare 483 mL of
a pH...
asked 32 minutes ago -
In a lottery game, 4 numbers from 1 to 29 are selected. Winners
must match all...
asked 43 minutes ago -
A catfish is 2.5 m below the surface of a smooth lake.
(a) What is the...
asked 46 minutes ago